H.R.7532 - A bill to amend the Internal Revenue Code of 1954 to impose an additional excise tax on the sale of certain imported automobiles in the United States.96th Congress (1979-1980)
|Sponsor:||Rep. Brodhead, William [D-MI-17] (Introduced 06/10/1980)|
|Committees:||House - Ways and Means; Rules|
|Latest Action:||House - 06/10/1980 Referred to House Committee on Rules. (All Actions)|
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Summary: H.R.7532 — 96th Congress (1979-1980)All Information (Except Text)
Introduced in House (06/10/1980)
Amends the Internal Revenue Code to impose an additional excise tax on imported automobiles manufactured in a foreign country, when imports of such automobiles account for more than ten percent of the new automobiles sold in the United States for the most recent 12-month period for which data are available. Imposes such tax in each case also on parts or accessories sold in connection with such sale. Directs the Secretary of the Treasury to determine for each quarter such tax in an amount equivalent to the nontariff barrier for the same quarter imposed by the foreign country of manufacture on United States automobiles exported to such country.
Defines "nontariff barrier" as any practice or procedure of a country which unreasonably burdens, restricts, or discriminates against United States automobiles in such country's automobile market. Includes commodity taxes, inspection or testing procedures, product approval requirements, and road or other excise taxes.
Authorizes the President to waive such excise tax for any quarter (up to four consecutive quarters at a stretch) with respect to automobiles manufactured by any person if it is determined that such person is making a good faith effort to ameliorate the imbalance in automobile trade between the United States and the country in which such person is located: (1) by limiting exports of automobiles to the United States; or (2) by manufacturing automobiles in the United States. Specifies circumstances under which such waiver may be extended.
Grants the Congress a veto over any such Presidential waiver by way of a disapproval resolution. Describes the procedure for exercising such veto.
Requires the appropriation of amounts equivalent to such excise taxes into the Federal Old-Age and Survivors Insurance Trust Fund.